Finalyst November 2013 Issue November 2013 | Page 5

FINALYST NOVEMBER 2013 FTIL sold off SMX for $150 million FTIL has sold off its Singapore arm (SMX) due to problems prevailing in operations in India. SMX commenced its operations in 2010 and is a commodity trading platform for precious metals, base metals and agricultural commodities with an annual turn of $71 billion. Zomato goes for 5th round of funding: Online restaurant guide Zomato has raised $37 million in its fifth round of funding supported by Info Edge and Sequoia Capital. After this fund raising, the company will be valued at INR 900 crores. Currently , 50% stake in Zomato is owned by the Info edge. The fund raising is done by Zomato to increase its operations overseas. According to Deepinder Goyal, the money will be invested for operations I 22 countries. Zomato made revenues of INR 11.37 crores for FY-13. WHAT’S HAPPENNING? Important news of the Financial and Economical World IIP registered 2% growth during September Though below the expectations of the analysts, India’s index of industrial production expanded by 2% in the month of September, which is an improvement over the .43% growth in August, 2013. This increase is due to surge in power generation sector. Electricity in India rose by 12.9% but manufacturing sector growth remained quite bleak. This was due to delay in various projects and lack of new investments. The IIP grew by .4 % during April-September and .1% during the same pe- TOP Chinese banks struggle to contain bank loans China’s top four banks viz. Industrial and Commercial bank of China Ltd. Chinese Construction bank corp., Agricultural bank of China Ltd. And Bank of China Ltd has registered biggest loan defaults since 2010. Loan defaults of all the banks combined totalled 329.4 billion Yuan. Although profits rose to 209 billion Yuan, their ???????????????????????????(?????Q????????????????????????????????????????????????)???????????Q??????????????????????????????????????????????????????(?((0